Fixed deposits are a reliable investment option offering guaranteed returns. Interest rates for FDs vary between public and private sector banks, with public banks offering between 4% to 6.5%, and private banks going up to 8%. Senior citizens have the advantage of additional interest. The rates are influenced by factors like bank cost of funds, where private banks incur higher costs leading to competitive rates, and the banks' risk appetite. Private banks often provide customer-focused features and special schemes for better returns.
Public sector banks typically offer FD rates ranging from 4% to 6.5%, whereas private banks offer higher rates up to 8%, influenced by competition and RBI charges.
Senior citizens can benefit from fixed deposits with higher rates, as both public and private banks offer an additional interest rate of 0.5% to 1%.
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